Compare mortgage rates and fees for leading lenders in Ann Arbor, MI. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Ann Arbor.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Ann Arbor. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Ann Arbor is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Ann Arbor, MI (Washtenaw County) is $287,674
The median household income for Ann Arbor, MI (Washtenaw County) is $67,624
Based on current mortgage rates and a 10% down payment, you need to make $53,373 per year to buy the median priced home in Ann Arbor
The home price you can afford to buy based on household income in Ann Arbor is 127% of the median home value which means housing prices are average
Ann Arbor (Washtenaw County) ranks 83 out of 83 counties in Michigan and 2,817 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Ann Arbor, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Ann Arbor (Washtenaw County) below.
Conforming loan limits for Ann Arbor, MI
FHA loan limits for Ann Arbor, MI
VA loan limits for Ann Arbor, MI
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index